Effective 1 July 2026, BP will replace its three‑segment structure with two separate business segments – exploration and production, Report informs, citing the company.
Gordon Birrell has been appointed Executive Vice President for Exploration and Production, while Richard Harding will serve as Executive Vice President for Production. The process of selecting a permanent Executive Vice President for Production is currently ongoing.
“The two‑segment model will clarify responsibilities and enable faster, more efficient decision‑making,” the company stated.
The “Upstream” segment will optimise the processes of searching for, developing, and producing the energy resources the world needs, combining BP’s oil and gas regions, including exploration, development, and production. It will also include BP’s joint ventures in exploration and production, as well as its renewable natural gas and carbon capture and storage units.
The “Downstream” segment will encompass oil refining, terminals, pipelines, transport, everyday consumer goods, biofuels, aviation, hydrogen, and Castrol. This will allow BP to coordinate the production, transport, and sale of its products.
The “Supply, Trading & Shipping” functions will continue to work across both segments, supporting supply and value creation within an integrated system.
Renewable energy projects will be included in a technology segment and accounted for under “Other Businesses & Corporate” for reporting purposes.
The new structure will replace BP’s current three segments: Production & Operations (P&O), Gas & Low Carbon Energy (G&LCE), and Customers & Products (C&P).
BP will report under its old organisational structure until the end of this year, transitioning to the new one on 1 January 2027.
https://report.az/en/energy/bp-simplifies-organizational-structure-announces-leadership-appointments